SignalCrypto

SoFi is launching an interest-bearing, FDIC-insured tokenized deposit for crypto users. That is a deposit-gathering play dressed as crypto infrastructure, putting insured bank yield directly against s

SoFi launches FDIC-insured interest-bearing tokenized deposit targeting crypto users.

Context

What happened: SoFi launched SOFIE, a tokenized deposit for crypto users that pays interest and carries FDIC insurance, with an option to convert to SoFiUSD. Key numbers: 4.4% APY. Why it matters: The product pairs a yield-bearing deposit with federal deposit insurance for crypto users, and adds a conversion path to SoFi's SoFiUSD stablecoin.

SOFI

$16.27

-0.61%

What changed

SoFi launched SOFIE, a tokenized deposit for crypto users that pays interest and carries FDIC insurance, with an option to convert to SoFiUSD.

Why it matters

The product pairs a yield-bearing deposit with federal deposit insurance for crypto users, and adds a conversion path to SoFi's SoFiUSD stablecoin.

Sources

theblock